How to Withdraw From Coinbase: A Step-By-Step Guide

Coinbase is one of the top exchanges in the industry. Aside from buying and trading assets, understanding how to withdraw from Coinbase is crucial for users. This process lets you move your digital currency into your bank account or use it in other ways. 

However, it might be confusing for some people, considering that there are other aspects to consider when doing a Coinbase cash-out. That’s why I’m here to guide you through all the necessary steps and explain the nitty-gritty of the entire process. In this article, we'll cover the important aspects of Coinbase, how to withdraw funds, and tips for a safe and smooth withdrawal.

We will also discover why Coinbase is a good exchange platform if you want to boost your crypto-related activities. Let’s get started!

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Things to Know Before Learning How to Withdraw From Coinbase

Before we learn how to withdraw from Coinbase, there are several preparation steps and concepts to understand. These include verifying your account, linking and choosing the right withdrawal method, and knowing your withdrawal fees and limits.

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Creating and Verifying Your Account

First, ensure your account is eligible for transactions. To do this, you have to go through a simple KYC (Know Your Customers) process. This process usually involves uploading ID photos, taking a selfie, or making a short selfie video. Sometimes, Coinbase may ask for more information from certain accounts to follow regulations. Follow this step-by-step guide:

Step 1: If you don’t have a Coinbase account, create one by visiting the website or downloading the Coinbase app.

Step 2: Choose “Sign Up” and go through the registration process. Enter your name, email, and password.

Step 3: Verify your email address by clicking the link sent to your inbox.

Step 4: During the account setup process, you will have the option to complete the first step of your KYC process. Click "Submit".

Step 5: Provide your personal information here, including your date of birth, address, and phone number. You can also skip this step for now and complete it later by opening the “Account” section.

Step 6: Verify your ID by going to the “Document Verification” page and following the instructions. Ensure the details on your documents match your current account information.

The time for the ID verification process may vary widely from 10 minutes to 48 hours, depending on your document type and location. Make sure your ID photo is clear and fully visible to avoid rejection.

Linking a Payment Method

The next step is to link your bank account or other payment gateways. These are your main Coinbase cash-out methods. Here is the guide to adding a payment method to your Coinbase account via browser and the mobile app:

On Browser

Step 1: Open your Coinbase account.

Step 2: Click your profile picture and select “Settings”.

Step 3: Go to the “Payment methods” tab.

Step 4: Select “Add a payment method”.

Step 5: Choose your preferred payment method.

Step 6: Follow the remaining on-screen instructions. This may vary depending on the method you choose.

Note: you can also link a payment method during your initial setup process when you make a new account.

On Mobile App

Step 1: Access your Coinbase mobile app.

Step 2: Tap the menu button and select “Profile & Settings”.

Step 3: Choose “Add a payment method”.

Step 4: Select your preferred payment method.

Step 5: Follow the remaining on-screen instructions.

Keep in mind that Coinbase supports different payment methods for each country, so make sure to review the available options and how you can use them beforehand. Coinbase also uses specific transfer methods or networks for bank transfers. For example, if you have a EUR account, it must support SEPA to connect with your Coinbase account.

Reviewing Applicable Fees and Limits

As you learn how to withdraw from Coinbase, you will come across various transaction fees. Exchanges charge fees to cover the costs of running their services, like keeping the platform safe and working smoothly. The fees for fiat Coinbase cash-out may differ depending on your country, preferred currency, and transfer method. 

Take a look at the fiat withdrawal fees for USD, EUR, and GBP below:

Table: Coinbase fiat withdrawal fees

You have to pay network fees when you withdraw cryptocurrency from Coinbase, which are different for each blockchain. However, withdrawing USDC is free on all supported networks, since Coinbase will pay the network fees for you.

Coinbase also applies transaction limits, especially to newer accounts, to ensure security and comply with legal rules. Understanding fees and limits is an essential part of how to cash out Coinbase as it allows you to plan your withdrawals efficiently and minimize costs.

It's important to know that the fees and limits on your account may also change based on where you are, your account verification level, your preferred withdrawal method, and whether you use Coinbase or Coinbase Pro.

Understanding Funds on Hold

Another important term to understand when learning how to withdraw from Coinbase is ‘funds on hold’. Let’s say I recently bought crypto or added money to my account balance using a linked bank account. Coinbase won’t let me cash out or send the funds immediately. Instead, it will be put on hold for a certain amount of time.

This is their standard policy to prevent fraudulent transactions. While your money is on hold, you can still buy or sell crypto with it, or use it to get more crypto. But, you can't withdraw the money or send any crypto you bought with it from your Coinbase account until the hold is lifted.

Money on hold is always shown in your local currency, no matter if you added cash or bought crypto. Additionally, any increase in the value of cryptocurrency does not affect your cashout availability.

Hold Periods

Hold periods may vary depending on several factors, such as account history, payment activity, and transaction history. You’ll see when you can move out the funds before finishing the transaction. Coinbase will also send you an email to confirm your hold period and another one once your money is available.

Holds typically expire by 11:59 PM PST on the date listed. Please remember that Coinbase Support cannot reduce the hold time. So, make sure you plan your transactions with the hold period in mind to avoid any inconvenience.

Checking Your Available Funds

If you have funds on hold, you can check your available balance and when you can cash out from your account. Tap the menu icon in the upper left and then tap “Support” on the Coinbase mobile app or select your profile picture in the upper right corner and click “Get Support” if you’re using a web browser.

Buying with a debit card or sending money through wire transfers doesn't change when you can cash out. But, these actions still follow any existing hold on your Coinbase account.

How to Withdraw From Coinbase: Fiat Currency

The first method of how to withdraw from Coinbase is by cashing out your funds to fiat. You can do this either on a web browser or the mobile app. But to do this, you’ll have to sell your crypto balance and convert it to fiat. Follow this step-by-step guide:

Selling Crypto on Web Browser

Step 1: Sign in to your Coinbase.com account.

Step 2: Select “Buy & Sell” from the menu and choose “Sell”.

Step 3: Enter the amount you want to sell.

Step 4: Select “Sell [asset]” and choose the asset you want to sell.

Step 5: Change the “Add to” destination to your preferred currency, if applicable.

Step 6: Select “Preview Sell”.

Step 7: Choose “Sell now” to complete the sale.

Selling Crypto on the Coinbase App

Step 1: Open your Coinbase app.

Step 2: Select “Buy & Sell” from the home screen or “Trade” from the navigation bar.

Step 3: Tap on “Sell” and choose the type of asset you want to sell.

Step 4: Enter the amount you want to sell.

Step 5: Change the “Add to” destination to your preferred currency.

Step 6: Select “Review order”.

Step 7: Tap “Place order” to complete the sale.

Remember that your money will be on hold temporarily before you can withdraw it. Here is how to cash out Coinbase balance to fiat once the fund is available:

On Web Browser

Step 1: Access your Coinbase.com account.

Step 2: Select “My assets” in the navigation bar.

Step 3: Click the three dots button next to your preferred currency and choose “Cash out”.

Step 4: Enter the amount of currency you want to cash out. You can select “Cash out all” to withdraw all of your available balance.

Step 5: Choose your preferred payment method

Step 6: Review and confirm the transaction details.

Step 7: Click “Continue” and choose “Cash out now”.

On the Coinbase App

Step 1: Open the Coinbase mobile app.

Step 2: Select “My assets” in the navigation bar, then tap on “Cash out”.

Step 3: Enter the amount of currency you want to cash out. You can choose “Max” to withdraw all of your available balance.

Step 4: Choose your preferred payment method and follow the instructions.

Step 5: Select “Preview cash out” and check your transaction details.

Step 6: Select “Cash out now” to finish the process.

The processing time of fiat withdrawal may differ depending on what method you choose. For example, bank transfers usually take between one to three business days to complete.

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How to Withdraw From Coinbase: Crypto Transfer

The second method you can use is transferring your crypto to an external wallet. While you may have limited spending options, this method is perfect if you want to stay within the blockchain ecosystem. To do this, you need a Coinbase Wallet account. Here is how to withdraw from Coinbase using crypto transfer:

On the Coinbase Wallet App

Step 1: Open the wallet app.

Step 2: Tap “Send” on the top menu buttons row.

Step 3: Select the asset and amount you'd like to send.

Step 4: Choose “Next”.

Step 5: Enter the exact address, ENS, or web3 username of the recipient.

Step 6: Review and confirm the transaction.

On the Coinbase Wallet Extension

Step 1: Choose the asset you want to send from the Wallet extension.

Step 2: Enter the amount for the transfer.

Step 3: Enter the exact address, ENS, or web3 username of the recipient.

Step 4: Click Send.

If you're using a Ledger wallet with the Coinbase Wallet extension, you have to approve the transaction on your Ledger device. Turn on "blind signing" on the device, as it's needed to approve transactions.

Best Practices for Safe and Efficient Withdrawals from Coinbase

There are some smart steps you can follow to know how to withdraw from Coinbase without losing too much on fees. First, think about which method you use. As I mentioned in the previous section, Coinbase lets you withdraw with different methods, like your bank account or a PayPal account; each with its own fees. 

Generally, withdrawing to your bank account is cheaper than other methods. However, it is usually slower than other methods due to the processing times involved with traditional banking systems. So, if you're not in a hurry, this might be the best way to save on fees.

Another tip on how to withdraw from Coinbase is to combine your withdrawals. Instead of taking out small amounts many times, wait until you have a bigger amount to withdraw. This way, you pay less in fees over time because you're making fewer transactions.

Also, understand the fees for each type of currency to save money when doing a Coinbase cash-out. Withdrawing in your local currency might be cheaper than converting it first and then withdrawing. Check the fees for different currencies to find the most cost-effective option.

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Security Tips for Your Withdrawal Process

When learning how to withdraw from Coinbase or using any crypto exchange, security should be your top priority. Because of that, I’ve listed five essential steps to secure your cash-out process and protect your Coinbase account in general.

Use Strong Passwords

A strong password is like a secure lock on your digital door. When you're learning how to withdraw from Coinbase, start with creating a password that's hard for others to guess. Mix letters, numbers, and symbols to make it strong. This helps keep hackers away from your money.

Enable Two-Factor Authentication (2FA)

Two-factor authentication (2FA) adds an extra step to your login process, but it's like having a second lock. Even if someone knows your password, they can't get in without the second key, which usually comes to your phone. This is very important when using Coinbase or any other crypto exchange. It makes it harder for someone to access your account without permission.

Be Careful with Public Wi-Fi

Using public Wi-Fi can be risky, especially when you're managing your money or learning how to cash out Coinbase. Public networks can be less secure, making it easier for thieves to steal your information. Always use a secure, private connection when you're moving your money or checking your account.

Keep Your Software Updated

Whether it's your phone, tablet, or computer, keeping your software updated helps protect your money. Updates often include fixes for security problems. So, by staying up to date, you're building a stronger defense against hackers. This is crucial not just for how to withdraw from Coinbase, but for any online financial activity.

Verify All Withdrawal Addresses

One of the most specific tips for how to withdraw from Coinbase is to double-check your withdrawal addresses. When you send money, especially in crypto, sending it to the wrong address can mean losing it forever. Always check the address you're sending money to, not once, but twice. Make sure it's exactly right to avoid mistakes.

Keep in mind, whether it's your first time figuring out how to withdraw from Coinbase or you're already a pro, security is key. You definitely don't want to lose your hard-earned profits to thieves!

Troubleshooting Common Withdrawal Issues

As you learn how to cash out Coinbase funds, you may also encounter questions or issues from people like "Coinbase won't let me cash out" or "My transaction is stuck on pending for a long time." These hurdles may occur from time to time due to various reasons. But no need to worry! In this section, I will show you some of the possible reasons behind these issues and give you the solutions. 

Pending KYC Process

The first reason you might not be able to withdraw or do any transactions on Coinbase is if you haven't finished the KYC process. As I mentioned earlier in this article, KYC is required for all users to help prevent fraudulent activities. So, naturally, Coinbase won’t allow unverified accounts to make regular transactions.

The KYC process in Coinbase can take up to 48 hours, so, it is best to wait until it is completed. To prevent a longer verification process or even rejection, make sure you provide the proper documents. The accepted identity documents include a passport, government-issued photo ID, or a national identity card.

If your ID is rejected, try to retake the photos carefully. Make sure your ID is well-lit without glare and the entire document is visible in the photo. You can also try an alternative upload method like the mobile app.

Sending a Very Small Amount With Insufficient Fees

Let’s say you try to send your Bitcoin to an external wallet, it's important to know that all Bitcoin transactions need a miner fee to be confirmed by the Bitcoin network. This fee motivates miners to process and confirm your transaction. 

If the fee you include is too low, there's a risk your transaction might not get enough attention from miners to be confirmed, causing it to remain pending indefinitely.

Site Maintenance or Technical Issue

Another reason for pending transactions might be due to maintenance or a technical issue with the platform. Sometimes, updates or fixes may temporarily slow down or halt transactions. It's a good idea to check for any announcements on the Coinbase Status page or support channels for insights into when operations will return to normal.

Congested Blockchain Network

A congested blockchain network is another reason why a transaction might be pending. This congestion happens when there's a high volume of transactions waiting to be confirmed, but the network can only process so many at a time. 

Imagine a busy highway with too many cars and not enough lanes; traffic slows down. For instance, if many people are sending Bitcoin at the same time, the network becomes overloaded, and transactions take longer to be confirmed. Your transaction has to wait its turn in the queue, leading to delays.

Trusted Address Book Protection

The trusted address book protection on Coinbase Prime is a safety feature that only allows crypto withdrawals to external addresses listed in your portfolio's address book. This feature is turned on automatically for all portfolios and updates to your address book are subject to consensus approvals.

When this feature is active, you will not be able to withdraw your funds to a new address without registering it in your address book.

Why Use Coinbase?

Choosing a crypto exchange can be a big decision. Coinbase is one of the many options out there. Discover why choosing Coinbase as your go-to for buying, selling, and handling your cryptocurrency is a smart move.

Easy to Use

Coinbase is known for being user-friendly. It's designed for people who might not be cryptocurrency experts. The website and app layout are clean and simple, making it less confusing for newcomers. This makes learning how to withdraw from Coinbase straightforward.

Security

When dealing with funds, especially cryptocurrencies, security is a big deal. Coinbase takes this seriously by implementing state-of-the-art security and encryption technology to protect your assets and personal information. Additional measures like auto-enrolled 2FA and multi-approval withdrawals will also give you more peace of mind.

Variety of Cryptocurrencies

Coinbase supports more than 260 digital assets and 300 different trading pairs, giving you more options for investing and trading. Whether you're interested in popular options like Bitcoin and Ethereum or newer, smaller coins, Coinbase likely has what you're looking for. This variety can be appealing for those looking to explore different parts of the crypto market.

Educational Resources

Coinbase offers resources to help you understand cryptocurrency better. This is great for beginners and even experienced traders who want to stay informed. Their resources can help you make smarter decisions and understand specific processes like how to withdraw from Coinbase.

Easy Withdrawal Process

Learning how to withdraw from Coinbase is relatively easy. The process is designed to be as smooth as possible. This makes the Coinbase cash-out process less intimidating for new users. The platform also offers multiple withdrawal methods with competitive fees to ensure you have the maximum amount of flexibility.

Support

Good customer support is crucial, especially in an area as complex as cryptocurrency. Coinbase offers support through various channels, including email and an extensive FAQ section. If you run into issues, whether it's with trading or figuring out how to withdraw from Coinbase, help is available.

Pros

• Very low trading fees
• Exceptional functionality
• Mobile trading app

Main Features

• Very competitive trading fees
• An intuitive mobile app
• Up to 100x leverage available

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Pros

• A very well-known crypto exchange platform
• More than 500 different cryptos available
• Two-factor authentication

Main Features

• Over 500 different cryptocurrencies available
• Strong security
• Small withdrawal fees

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Pros

• Secure and reliable
• Low fees
• A good amount of fiat currencies accepted

Main Features

• Reputable exchange
• Multiple fiat currencies are accepted
• Relatively low trading fees

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Global Reach

Coinbase operates in more than 100 countries around the world. This global reach means it's accessible to a wide audience. No matter where you are, there is a high chance that you can use Coinbase to manage your cryptocurrency. This widespread availability is also a big plus for those not in the major crypto markets.

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Conclusion

Knowing how to withdraw from Coinbase is an important aspect for every user. By understanding the details of this process, you can move your funds out of Coinbase more efficiently. In this article, we’ve covered the two main ways of withdrawing from the platform, which are:

• Withdrawing fiat: Great for turning your digital coins into cash you can spend in your everyday life or for securing your profits in a more stable form.
• Transferring crypto to an external wallet: Suitable for keeping your digital assets secure or for trading on other platforms.

Understanding transaction fees and selecting the right payment method for withdrawing crypto is key to keeping more of your earnings. Remember that each method has different fees and processing times, so knowing these details helps you save money and ensures a smoother withdrawal experience.

Always apply the essential security steps when taking out your money. Use a strong password, turn on extra security like two-factor authentication, and be careful on public Wi-Fi. By adhering to these security practices, you can enjoy a safer, more secure experience on Coinbase and have peace of mind knowing your crypto is well-protected.

Now that you know how to withdraw from Coinbase, you're all set to dive into the world of cryptocurrency with one of the most user-friendly platforms out there. Coinbase offers a secure and straightforward way to manage, buy, and sell your digital assets. With its easy-to-use interface and robust security measures, you're in good hands as you explore the dynamic crypto market. Give Coinbase a try and see how it can enhance your crypto experience.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.